Former Mineral Resources chair James McClements has been appointed as a non-executive director at Australian Vanadium, effective from April 1.
Mr McClements, who departed from the Chris Ellison-led iron ore and lithium miner last July, is also the co-founder and managing director of Resource Capital Funds.
RCF holds an 18.52 per cent stake in Australian Vanadium, meaning it's one of the junior's biggest shareholders.
It also secured a US$10 million loan facility with RCF in September last year, which was put towards the optimised feasibility study of its namesake Australian Vanadium project, located south of Meekatharra.
“The board is delighted to welcome James at a pivotal time in AVL’s development,” Australian Vanadium chair Cliff Lawrenson said.
“As momentum continues to build across our vertically integrated vanadium strategy, James’ deep expertise in project financing, development and capital markets will provide valuable insight and support to the board and management team.”
Aside from Mr McClements’ arrival next Wednesday, Sarah Wilson will succeed long-serving joint company secretary Neville Bassett, who spent 11 years in the role.
Ms Wilson will work alongside existing joint company secretary Louis Mostert.
Earlier this year, Australian Vanadium welcomed news from the state government that the sector would be provided a discounted royalty rate from 5 per cent to 2.5 per cent – while a 2.5 per cent royalty rate which was applied to downstream vanadium products was abolished.
Despite eying off production at its namesake project next year, a positive FID has yet to be made.
Last month, Australian Vanadium also tapped investors for $7.5 million, with a significant portion of these funds coming towards activities relating to the state government’s proposed $150 million vanadium battery project, earmarked for 2029, which is hoped will provide support for Kalgoorlie’s power network.
As of 10.21am AWST, Australian Vanadium shares were up 7 per cent to 22.5 cents.
